Due to the continuous increase in the prices of petrol and diesel, the government is under great pressure to cut their prices. To get relief from their increased prices, there is a demand to bring them under the purview of GST. Recently, the Prime Minister and then the Chief Economic Advisor Krishnamurthy Subramaniam also advised to bring it under the purview of GST. Before this, Petroleum Minister Dharmendra Pradhan has also suggested this. However, Finance Minister Nirmala Sitharaman has described it as religious. Now SBI economist Soumikanti Ghosh has said that after being brought under the ambit of GST, the price of petrol and diesel can come to Rs. 68.
Petrol and diesel fall in GST, 0.4% loss to GDP
Saumyakanti Ghosh has said in his assessment that petrol and diesel and the state governments will only incur a revenue loss of one lakh crore rupees which will be 0.4 percent of GDP. This assessment has been done based on the price of crude oil in the international market at $ 60 per barrel and a dollar-rupee exchange rate of 73 rupees per dollar. Both the central and state governments impose their tax on petrol and diesel. States apply VAT on petrol and diesel as per their requirement. The center imposes excise duty. With this, the center's cess is put on it. In some parts of the country, the price of petrol has reached 100 rupees a liter.
Saudi Arabia turned down India's request
Meanwhile, OPEC has ignored India's plea to lift applicable controls on crude oil production. At the same time, there has been an increase in the price of crude oil in the international market. Saudi Arabia has told India that it can use the crude oil it bought at the time when the price of crude oil went down significantly last year. Brent crude oil, which is the most used crude oil, rose nearly one percent to $ 67.44 a barrel on Friday.
Petroleum Minister Dharmendra Pradhan appealed to OPEC countries to reduce the restrictions imposed on production to bring stability in the price of crude oil. He believed that due to the rising crude oil prices in the international market, both the improvement in the economic sector and the demand are having a bad effect.
The two shooters killed by the joint STF and police team in the Disha Patani house shooting case
Economy: Indian economy is growing at the fastest pace despite various global challenges. In the
Hajipur MP and Lok Janshakti Party national president Chirag Paswan has joined the third Modi cab
Google Pixel 7 Coming Soon: Google may soon launch Pixel 6's successor Pixel 7. According to the
America made a big upset by winning the Super Over against Pakistan on Thursday. Under the T20 Wo
Parineeti Chopra was last seen in Imtiaz Ali's film 'Amar Singh Chamkila'. He received much appre
Will there be artificial rain in Delhi today? AQI exceeds 300... 'Toxic' air suffocates Delhi-NCR.
The air in Delhi-NCR has remained toxic since Diwali. Due to the pollution levels, GRAP-2 restric
It is raining in most of the states of the country. There is a flood-like situation in many place
The ruckus over the new excise policy in Delhi is not taking its name stop. On August 19, CBI rai
Delhi Chief Minister and Aam Aadmi Party national convenor Arvind Kejriwal, who is
